Korean art market shows consistent change. Whereas the market was centered among the existing galleries, now the Art Fair and Auction are playing major roles in the market. Sales from galleries tend to receive better credit from the public; however, a...
Korean art market shows consistent change. Whereas the market was centered among the existing galleries, now the Art Fair and Auction are playing major roles in the market. Sales from galleries tend to receive better credit from the public; however, an objective analysis of sales still has many barriers. it is hard to calculate the market’s yearly sales, including the number of sales in certain categories, yearly sales distribution, and appraisals of art works at the buying and selling. Art markets deal art works with the sole purpose for profits, however Korea’s art market values tradition and self-judgement, which create an undesirable effect and limits. Among the three major components in the art market-Art Fair, Gallery, and Auction, this study concentrates on the Fair which began with Art Cologne in 1967 and displayed rapid growth in the western art market. To overcome the limits of the art market in this country, this study will observe the major foreign art fair, current status and trends. In addition, this study will find the problems in Korean art faisr such as trust, clean transaction, and variety of artists; analyze the status of Korean art fairs; and compare them with foreign art fairs.